Any prepayment penalty on a loan being refinanced will increase the amount required to close. If there is enough equity in the home, the estimated closing costs will change if you change the product type or loan amount. If this should occur, be sure to ask how the changes will impact your closing costs.

How will a prepayemnt penalty affect my refinance?
When you look at refinancing, you will need to consider whether the money you save will outweigh the fees you will pay to refinance. If a prepayment penalty is included in your current mortgage, you will want to take the fee associated with prepayment into consideration in your refinancing decision. Before you refinance, check your current mortgage loan papers for any prepayment penalties.

Should I prequalify before refinancing?Prequalifying is a good first step when refinancing. By prequalifying, you will know the amount you can refinance and if refinancing your home is the right choice for you. Prequalifiying also helps the refinancing process go faster and smoother.

Some lenders may charge fees for prequalifying. The fees cover the cost of credit reports and underwriting involved with prequalification. The fees are collected at the time of application. Contact your lender to find out what fees apply to you.

How can I lock-in my interest rate?Prequalifying lets you know how much you can afford to refinance, and it makes the final application process move quicker and smoother. When you prequalify, you can request to lock-in the interest rate quoted to you upon approval. A lock period is usually associated with locking in a rate. The lock period specifies how long the rate is locked in.

If you are currently enrolled in Simmons Bank Anywhere online service, all you need to do is have your Simmons Bank mortgage loan added to your existing Bank Anywhere. Log in to Bank Anywhere Online Banking, select “Services,” and complete the Account Maintenance Request Form.

If you are not enrolled in Simmons Bank Anywhere online service and you wish to view your Simmons Bank mortgage loan online, you will need to enroll in the Bank Anywhere online service. Enrolling in Simmons Bank Anywhere is fast and easy. Click here to learn more about Simmons Bank Anywhere and the enrollment process. Fees may apply.